Blockchain project DFINITY Stiftung raises $61M

A non-profit organization that wants to develop a more decentralized internet using blockchain has raised $61 million in funding from U.S. venture capital firm Andreessen Horowitz and hedge fund Polychain Capital, it said on Wednesday.

DFINITY Stiftung wants to create what it calls an “internet computer,” an open network that serves as a large virtual mainframe computer in cyberspace. That would allow decentralized versions of many online technology services such as Uber, Dropbox, and eBay, according to a company statement.

Ryan Zurrer, venture partner of Polychain Capital, called the technology an “extremely compelling innovation” and said his company was “committing our largest-ever capital deployment.”

“At the moment, we’re looking very hard in how to widen distribution,” said DFINITY’s president and chief scientist Dominic Williams. “We’ve got demand in the hundreds of millions wanting to participate in the project.”